Describe Financial Year Close | JAMIS Prime

Описание: This instruction explains the JAMIS Prime Financial Year Close process and how to finalize your organization’s financial data at the end of a fiscal year.
JAMIS Prime Financial year close is a system‑controlled workflow that ensures accurate financial transition into a new fiscal year. You’ll learn how accounting periods are closed, how year‑to‑date net income is calculated, and how balances roll into Retained Earnings.
Before closing a financial year, all supporting subledgers must be fully processed and reconciled, including Accounts Payable, Accounts Receivable, Cash Management, Inventory, Fixed Assets, Job Cost, and Labor Distribution. Periods are closed sequentially, starting with the first period of the year, with system controls enforcing the correct order even when multiple periods are closed at once.
This instruction explains how in JAMIS Prime reports calculate Year‑to‑Date Net Income and rolls it into the Retained Earnings account based on the post period. At the start of the new financial year, net income balances reset to zero. You’ll be able to describe how to reconcile, verify posted transactions, and confirm future periods are open before closing the final fiscal period. Once closed, access is restricted to the Financial Supervisor role. Approved users can reopen periods for corrections before they are permanently locked.
This instruction is for JAMIS Prime users, finance administrators and accounting professionals, responsible for financial reporting and internal controls.